Canada Makes Historic Investments in Tidal Energy in Nova Scotia
HALIFAX -
Canada has an abundance of renewable energy sources that are helping power our country's clean growth future and the Government of Canada is investing in renewables to reduce emissions, create jobs and invigorate local economies in a post COVID-19 pandemic world.
The Honourable Seamus O'Regan, Canada's Minister of Natural Resources, today announced one of Canada's largest-ever investments in tidal energy — $28.5 million to Sustainable Marine in Nova Scotia to deliver Canada's first floating tidal energy array.
Sustainable Marine developed an innovative floating tidal energy platform called PLAT-I that has undergone rigorous testing on the waters of Grand Passage for nearly two years. A second platform is currently being assembled in Meteghan, Nova Scotia and will be launched in Grand Passage later this year for testing before relocation to the Fundy Ocean Research Centre for Energy (FORCE) in 2021. These platforms will make up the tidal energy array.
The objective of the project is to provide up to nine megawatts of predictable and clean renewable electricity to Nova Scotia's electrical grid. This will reduce greenhouse gas emissions by 17,000 tonnes of carbon dioxide a year while creating new jobs in the province. The project will also demonstrate the ability to harness tides as a reliable source of renewable electricity to power homes, vehicles and businesses.
Tidal energy — a clean, renewable energy source generated by ocean tides and currents — has the potential to significantly reduce Canada's greenhouse gas emissions and improve local air quality by displacing electricity generated from fossil fuels.
Minister O'Regan made the announcement at the Marine Renewables Canada 2020 Fall Forum, which brings together its members and industry to identify opportunities and strategize a path forward for marine renewable energy sources.
Funding for the project comes from Natural Resources Canada's Emerging Renewables Power Program, part of Canada's more than $180-billion Investing in Canada infrastructure plan for public transit projects, green infrastructure, social infrastructure, trade and transportation routes and Canada's rural and northern communities.
Related News
Nearly $1 Trillion in Investments Estimated by 2030 as Power Sector Transitions to a More Decarbonized and Flexible System
SANTA CLARA - Frost & Sullivan's recent analysis, Growth Opportunities in Distributed Energy, Forecast to 2030, finds that the rate of annual investment in distributed energy resources (DER) will increase by 75% by 2030, with the market set for a decade of high growth. Favorable regulations, declining project and technology costs, and high electricity and demand charges are key factors driving investments in DER across the globe. The COVID-19 pandemic will reduce investment levels in the short term, but the market will recover. Throughout the decade, $846 billion will be invested in DER, supported by a further $285 billion that…
